Table of Contents
- How Many Binance Coins Exist?
- What Makes Binance so Special?
- How Secure Is the Binance Cryptocurrency Network?
- Where Can I Purchase BNB?
Binance debuted in July 2017, is one of the world’s largest cryptocurrency exchanges. By attempting to push bitcoin exchanges to the forefront of global financial activity. The concept behind the term Binance represents this new paradigm in international finance – Binary Finance, or Binance.
Binance, the biggest cryptocurrency exchange globally, has created a whole ecosystem of functions for its customers. Binance’s network comprises the Binance Chain, Academy, Trusted Wallet, and Research initiatives, all of which use blockchain technology to deliver new-age money to the globe. Binance Coin is essential to the smooth operation of several of Binance’s sub-projects.
Binance’s founder and CEO are Changpeng Zhao. He joined Bloomberg in 2001 as the head of trade book futures development. He worked for the business for four years before becoming a partner at Fusion Systems.
Changpeng Zhao has been actively engaged with blockchain technology and cryptocurrencies since 2013. He became Blockchain’s chief of development before launching BijieTech in 2015. Zhao formally established Binance in 2017, and he has served as the company’s CEO ever since.
He Yi is Binance’s co-founder and chief marketing officer. In 2012, He Yi began her career as a TV anchor and presenter on China Travel TV. Later, in 2014, Yi co-founded OKCoin, which was China’s biggest fiat-to-crypto exchange. In 2017, she partnered with Zhao and launched Binance, the world’s biggest cryptocurrency exchange.
How Many Binance Coins Exist?
As of April 2021, there is a maximum supply of 170,532,785 BNB coins, with 153,432,897 presently in circulation.
According to the Binance whitepaper, half of the quantity of BNB tokens was set aside for ICO and public sale of the asset. Another 40% of the entire amount, or about 80,000,000 BNB coins, was divided to the founding members and crew. Finally, the remaining 10% of the maximum supply was distributed to angel investors.
What Makes Binance So Special?
Binance is a one-of-a-kind ecosystem of decentralized, blockchain-powered networks. The business has evolved to be the top Crypto exchange in several nations, and its side organizations are also generating a lot of attention.
Binance’s desire for development is one of its most significant competitive advantages. While Binance began as a cryptocurrency exchange in 2017, it has now expanded into various other fields. According to the website, the company’s goal is to become the infrastructure services provider for the whole blockchain ecosystem.
The exchange has also benefited from increased investor interest in the Binance Coin since its debut. BNB saw a significant price gain at the beginning of 2021, putting it on the radar of business investors.
How Secure is the Binance Cryptocurrency Network?
Binance currency began as a standard ERC-20 token on the Ethereum network. Later, the business launched its blockchain, and the currencies started to be issued from the Binance blockchain, which was protected by the Tendermint byzantine-fault-tolerant (BFT) consensus mechanism.
While ERC-20 tokens use proof-of-stake (PoS) consensus, they are highly scalable and create smart contracts. The Binance blockchain, unlike PoS, does not enable smart contract functionality. On the other hand, the Bitcoin blockchain is protected by the proof-of-work (PoW) consensus, which is much more restricted and requires a significant amount of electrical and computer resources.
Where Can I Purchase BNB?
As the Binance exchange’s specialized utility token, the simplest method to buy BNB coins would be via Binance. The original exchange offers the most trading pairs with BNB and has the best trading prices for the currency. Since the introduction of Play2Earn games, there has been a significant interest in the BNB to PHP exchange rate.
If you’re searching for other exchanges where you can buy BNB, FTX is an excellent option. Remember that investing in cryptocurrencies may be hazardous, like investing in any different kind of asset.